Swiss National Bank Has $104.76 Million Position in Targa Resources, Inc. $TRGP

Key Points

• Swiss National Bank trimmed its stake in Targa Resources by 5.1%, selling 33,300 shares in Q3 and now holds 625,300 shares (~0.29%) valued at $104.76 million.
• Analysts have been raising targets and staying bullish — the consensus rating is Moderate Buy with an average price target of $240.79 and several firms lifting targets into the $243–$262 range.
• Insiders have been net sellers, offloading 104,929 shares worth about $24.7 million in the last three months, including notable reductions by the president and other executives (roughly 9–11% cuts).

Swiss National Bank lessened its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 5.1% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 625,300 shares of the pipeline company's stock after selling 33,300 shares during the quarter. Swiss National Bank owned about 0.29% of Targa Resources worth $104,763,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of TRGP. Peoples Financial Services CORP. acquired a new stake in Targa Resources during the third quarter worth approximately $34,000. Root Financial Partners LLC acquired a new position in shares of Targa Resources in the third quarter valued at approximately $39,000. Avion Wealth grew its position in shares of Targa Resources by 475.0% in the third quarter. Avion Wealth now owns 276 shares of the pipeline company's stock valued at $46,000 after purchasing an additional 228 shares during the last quarter. First Horizon Corp bought a new position in shares of Targa Resources during the third quarter worth approximately $47,000. Finally, Elevation Point Wealth Partners LLC acquired a new stake in Targa Resources during the 2nd quarter worth approximately $53,000. Institutional investors own 92.13% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Stifel Nicolaus upped their price objective on Targa Resources from $213.00 to $243.00 and gave the company a "buy" rating in a report on Friday, February 20th. Barclays reissued an "overweight" rating and set a $226.00 target price on shares of Targa Resources in a report on Friday, February 20th. Wells Fargo & Company upped their price target on shares of Targa Resources from $207.00 to $248.00 and gave the company an "overweight" rating in a research note on Friday, February 20th. UBS Group reaffirmed a "buy" rating on shares of Targa Resources in a research report on Friday, January 9th. Finally, Citigroup raised their target price on shares of Targa Resources from $200.00 to $262.00 and gave the stock a "buy" rating in a report on Tuesday, February 24th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $240.79.

Targa Resources Trading Down 0.9%

Shares of Targa Resources stock opened at $232.54 on Wednesday. The company has a quick ratio of 0.55, a current ratio of 0.67 and a debt-to-equity ratio of 5.21. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $250.00. The company has a market capitalization of $49.98 billion, a price-to-earnings ratio of 27.07, a PEG ratio of 1.00 and a beta of 0.84. The firm's 50-day moving average price is $207.40 and its two-hundred day moving average price is $181.72.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its earnings results on Thursday, February 19th. The pipeline company reported $2.51 EPS for the quarter, beating the consensus estimate of $2.35 by $0.16. The company had revenue of $4.06 billion during the quarter, compared to analysts' expectations of $4.12 billion. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. On average, analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were paid a $1.00 dividend. The ex-dividend date was Friday, January 30th. This represents a $4.00 annualized dividend and a dividend yield of 1.7%. Targa Resources's dividend payout ratio (DPR) is presently 46.57%.

Insider Activity at Targa Resources

In related news, President Jennifer R. Kneale sold 29,509 shares of the company's stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $230.12, for a total transaction of $6,790,611.08. Following the completion of the sale, the president directly owned 235,260 shares in the company, valued at $54,138,031.20. This represents a 11.15% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Patrick J. Mcdonie sold 31,537 shares of Targa Resources stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $239.36, for a total value of $7,548,696.32. Following the completion of the transaction, the insider owned 305,163 shares in the company, valued at approximately $73,043,815.68. This represents a 9.37% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 104,929 shares of company stock worth $24,692,134 in the last three months. Insiders own 1.34% of the company's stock.

Targa Resources Profile

Targa Resources Corporation NYSE: TRGP is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.

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